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Trucking in a Post-Covid World

trucking

Trucking in a Post-Covid World

During 2020 alone, more than 88,000 trucking industry jobs were lost, and more than 3,000 trucking companies closed. The COVID-19 pandemic had a significant impact on the trucking industry, causing changes in demand for certain goods and new challenges for truck drivers.

As we move into 2023 and beyond, the industry continues to adapt to new changes and challenges.

Changes in the Demand for Goods

According to the American Trucking Association (ATA), the pandemic’s impact on trucking can be summarized in three phases – initial disruption, recovery, and transformation. The initial disruption occurred when many businesses shut down or reduced their operations, leading to a decrease in demand for certain goods and services. The recovery phase saw an increase in demand for essential goods, which put pressure on the supply chain and the trucking industry. Finally, the transformation phase, which is ongoing, has seen significant changes in consumer behavior, technology, and supply chain operations.

One of the most significant changes in demand that emerged during the pandemic was for essential goods such as medical supplies, groceries, and cleaning products. This trend has continued as we move into 2023, with the ongoing demand for essential goods driving growth in the trucking industry. According to a report by Transport Topics, the trucking industry is expected to grow at a rate of 4.4% from 2021 to 2026, driven by the demand for essential goods.

Changes in Consumer Behavior

In addition to the ongoing demand for essential goods, trucking is also adapting to changes in consumer behavior as we move beyond the pandemic. According to a report by eMarketer, the US e-commerce sales grew by 32.4% in 2020, and the trend is expected to continue increasing.

The major rise of e-commerce and online shopping has led to an increase in the demand for last-mile delivery services. This has created opportunities for trucking companies that specialize in last-mile delivery, as well as challenges in terms of managing the last-mile delivery process efficiently.

Changes in Technology

Another trend that is emerging is the increasing use of technology to improve efficiency and safety. Trucking companies are investing in new technologies such as telematics and GPS tracking. We’re also seeing an increased focus on autonomous vehicles to streamline operations and reduce costs. According to a report by the American Transportation Research Institute, the adoption of technology in the trucking industry is expected to increase significantly in the coming years.

Challenges in Trucking

Trucking also continues to face challenges, particularly when it comes to the driver shortage. The pandemic has accelerated the retirement of many veteran truck drivers, and the industry is struggling to attract younger drivers to fill the gap. According to the ATA, the industry faced a shortage of nearly 60,000 drivers in 2018, and the number is expected to grow in the coming years. This has led to increased competition for drivers and rising labor costs.

To address this challenge, trucking companies are looking at ways to improve working conditions and attract younger drivers. This includes offering better pay and benefits, improving driver safety, and adopting new technologies to make the job of a truck driver more attractive. Autonomous vehicles are also seen as a potential solution to the driver shortage, although it remains to be seen how quickly this technology will be adopted.

Higher fuel prices have also been a rising concern for trucking companies. Drivers are paying an extra $0.72 cents per gallon more than they were just a few years ago. This makes it more difficult for independent owner-operators to stay profitable as well, forcing them to get creative or get out of trucking altogether. 

In conclusion, the trucking industry continues to adapt to new changes and challenges as we move forward. The ongoing demand for essential goods, the rise of e-commerce and online shopping, and the increasing use of technology are driving growth and change. At the same time, the industry is facing challenges like the driver shortage, which is pushing companies to adopt new strategies to attract and retain drivers. The trucking industry plays a critical role in the global supply chain, and its ability to adapt and innovate will be essential in the years to come.

technology

How Technology Can Steer You Through the Fast Lane of the Post-COVID World

Technology’s impact on the work environment was profound well before the pandemic – streamlining processes, increasing productivity, and making remote work seamless.

Now, given the rapid changes in an uncertain economy affected by the virus, knowing how to utilize and navigate technology in the post-COVID world will be even more crucial for entrepreneurs, college graduates, other job seekers, and upwardly mobile professionals, says Tim Mercer (www.timtmercer.com), ForbesBooks author of Bootstrapped Millionaire: Defying the Odds of Business.

“Corporate America is undergoing a major transformation,” says Mercer, who also is the founder of IBOX Global (IBOXG), which provides technology services to government agencies and Fortune 500 corporations.

“Technology is at the center of this seachange. The virus will have a tremendous long-term impact on the workplace, and the influence of technology will loom larger as a result of the lessons we’ve learned during this unprecedented time.

“Company structures are appearing more tailored to the entrepreneurial mind. The evolving trend is working from home, smaller workplaces, and niche-focused businesses. The work is moving faster, and whether a business owner or freelancer, you must be agile and nimble to compete. All these changes can be good, but only if you are ready.”

Mercer says the key to success in the post-COVID world is understanding these business-related benefits of technology:

The internet is the great equalizer for knowledge and opportunity. “The internet is the driving force behind the access to today’s opportunities,” Mercer says. “With the global economy, and technology connecting so many of us to it simultaneously, success has more to do with your ability to identify the right opportunities and your desire to go after them.” While the internet enables someone to gain knowledge quickly, Mercer says it’s also important to be vigilant in discerning the quality of online sources.

Leveraging technology correctly helps businesses run efficiently. You don’t need to earn a degree in information technology or become a computer whiz to leverage the benefits of technology, Mercer says. “What’s most important is that you know how to use technology to achieve your business goals,” he says. “For example, through the power of tools like QuickBooks, I was able to manage the financial aspect of several of my businesses without having to hire a full-time finance team. Leverage the strength of technology to carry more of your workload while increasing your profitability.”

Tech certifications can be more powerful than four-year degrees. Many college graduates aren’t working in fields related to their majors, and today’s employers are increasingly shifting toward skills-based hiring for technology jobs. “With the demand in tech, that means certification programs are on the uptick, often providing a quicker and more cost-effective way of getting hired than does a four-year college degree,” Mercer says. “A person’s overall earning powers in tech can more than double. Our general educational system often doesn’t meet the demands of today’s business environment. Typical college grads and most students lack the skills required for today’s tech positions.”

Freelancing and independent consulting are on the rise. Gigging – taking on multiple freelance jobs – is growing in popularity, largely due to the growth in digital platforms and social media. “This has given rise to a freelancer and consulting boom that has opened the door to a more flexible and creative workforce of contractors to accommodate the heavy workflow of today’s companies,” Mercer says. “The power of social media and online platforms is making it easier for entrepreneurs to engage a more diverse and global market. You can use your individual skills to bring more value to your business simply by selling those skills and services to others.”

“Technology has a hugely important role in enabling us to meet the many economic and business challenges presented by the pandemic,” Mercer says, “and to be better prepared for whatever comes next.”

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Tim Mercer (www.timtmercer.com) is the founder of IBOXG, a company that provides technology services and solutions to government agencies and Fortune 500 corporations. He also is the ForbesBooks author of Bootstrapped Millionaire: Defying the Odds of Business. Mercer was inspired to pursue a career in IT as a consultant after he became a telecom operator while in the U.S. Army. After growing up in difficult economic circumstances in the rural South, Mercer achieved success as an entrepreneur, then recovered from the financial crisis of 2007-2008 after starting IBOXG. The company has accrued over $60 million in revenues since its inception in 2008.